Patrick Henry School of Science and Arts
Virginia’s First Charter
Elementary School
Prepared for RPS Board
March 4, 2013
Charter Renewal Review
Facilities/Finance
• 5 yr. charter renewal required for financing
• 25 yr. lease with one optional renewal
• $1.5M construction loan over 24 months with Building
Hope/Self Help
• 7 yr. repayment period – PPF for debt service with fund
raising to replace resources for debt service
• Use of HTC for the entire project is $288,750
• Financial autonomy so that PHSSA pays bills on time
and shows a larger budget responsibility
• Requesting quarterly deposits into PHSSA account
Charter Renewal Review
Curriculum/Performance
• RPS reserves all rights of current charter
• PHSSA will have added all RPS curriculum
requirements to the PHSSA curriculum by July 15, 2013
for implementation in the 2013-2014 school year
• PHSSA submits annual compliance report to RPS
School Board each August on all aspects of school
operations to assure we are meeting the conditions of
the charter – to include full academic and financial
reports
• Provide quarterly financial reports 2nd Tuesday of each
month for RPS Board review
Fundraising – 3 yr.
Start-Up / Grants / Foundations
Total to date: $836k in grants/foundations
Fundraising – 3yr.
Start-up/Grants/Foundations
• $471k U.S. Department of Education for school start up
• $150k The Mary Morton Parsons Foundation
• $100k National Fish & Wildlife Foundation for outdoor
projects
• $50k McGowan Foundation for technology needs
• $15k Altria Companies Employee Community Fund for
intersession/remediation programs
• $6,790 Chesapeake Bay Restoration Fund for outdoor
programs
• $4,940 Virginia Environmental Endowment for outdoor
programs
• $7,200 Richmond Unite
In-Kind donations to date
• Estimated $25k of Books, School projects,
Telephone/network systems, Furniture, and more
Fundraising – 3yr., cont’d
Personal Contributions over $5000
$25,000 - Governor/M McDonnell
$25,000 - M/M Chewning
$10,000 - M/M Royall
$5,000 - M/M Stettinius
$6,500 - Jacquemin Family Foundation – Kid Pan Alley
$50,000 - Jacquemin Family Foundation – Library
$15,000 - Board Members Contribution
$6,000 - Cynthia Shelton Buchanan Memorial Fund
$20,000 - Various parent/community/alumni/PTA
$162,500 - Total Personal Contributions to Date
Total Contributions – 3 years
$836,000 - Grants/Foundations
$162,500 - Personal Contributions
$109,500 - State Historic Tax Credits
$1,108,000 - Grand Total